Bank frauds

U.S. charges China's Huawei with bank fraud, stealing trade secretsThe Saigon Times Daily The Huawei logo is pictured outside their research facility in Ottawa, Ontario, Canada, December 6, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - The United States on Monday charged China’s Huawei Technologies Co Ltd, its chief financial officer and two affiliates with bank and wire fraud to violate sanctions against Iran in a case that has escalated tensions with Beijing. In a 13-count indictment filed in New York, the Justice Department said Huawei misled a global bank and U.S. authorities about its relationship with the subsidiaries, Skycom Tech and Huawei Device USA Inc, in order to conduct business in Iran. In a separate case, the Justice Department also accused two Huawei subsidiaries of 10 counts of stealing trade secrets, wire fraud and obstructing justice for allegedly stealing robotic technology from carrier T-Mobile US Inc to test smartphones’ durability. Those … [Read more...] about U.S. charges China’s Huawei with bank fraud, stealing trade secrets

File photo of Paul Manafort arriving for a hearing at US District Court on June 15, 2018 in Washington, DC. (MANDEL NGAN/AFP) The guilty verdicts on eight counts are a victory for special counsel Robert Mueller's investigation into Russian election interference and possible collusion between the Trump campaign team and Moscow. Trump, who has repeatedly maligned the Mueller probe, views it as a stain on his presidency and has pushed for it to be ended, described Manafort's conviction as "very sad." US District Judge T.S. Ellis declared a mistrial on 10 counts on which the jury was unable to reach a unanimous verdict. But the jurors found Manafort guilty of the remaining eight counts: five of making false income tax returns, two of bank fraud and one of failure to report foreign bank and financial accounts. While the 69-year-old Manafort could theoretically live out the remainder of his years in prison as a result of the convictions, a legal expert told AFP that his time behind bars … [Read more...] about Trump’s ex-campaign chief Manafort found guilty of tax, bank fraud

Despite its ties to struggling Dong A Bank, Vietnam’s top jeweller Phu Nhuan Jewelry JSC’s stock is still considered attractive due to its growth potential. PNJ highly valued despite Dong A Bank fraud case In its latest monthly report, Vietnam Opportunity Fund of VinaCapital dedicated an entire section to Phu Nhuan Jewelry JSC (PNJ). The fund summarised the recent scandal that PNJ went through, then emphasised that the jeweller has delivered strong business results in 2018 so far, adding that the stock is undervalued following the recent price drop. “Our suggestion to PNJ is that senior management purchase shares on the open market or that the company implement a share buyback, as we think the stock is undervalued and such moves would be a vote of confidence in the company’s future,” said VinaCapital. PNJ is the fifth-largest equity investment of Vietnam Opportunity Fund, taking up 5.5 per cent of the fund’s portfolio as of June 30. The … [Read more...] about PNJ highly valued despite Dong A Bank fraud case

Leader orders investigation into Dutch bank fraud case (02-11-2006) Ha Noi — Prime Minister Nguyen Tan Dung has instructed the Ministry of Public Security and the Supreme People’s Procuracy to intensify investigations into a foreign exchange fraud case. The investigation revolves around the Netherlands’ ABN-Amro Bank (AAB) branch in Ha Noi and Viet Nam’s Incombank branch in the northern port city of Hai Phong. The PM said prosecutors must work quickly to bring details of the case to the public in order to ensure transparency. Dung was particularly concerned that if handled poorly, the case might incur greater losses to the State and could negatively impact foreign investment in the country. The PM’s instructions were conveyed to relevant agencies in a Dispatch on October 30, that was released by the Government Office. In the dispatch the Ministry of Public Security was asked to collaborate with the Ministry of Foreign Affairs and the State Bank of Viet Nam … [Read more...] about Leader orders investigation into Dutch bank fraud case

VietNamNet Bridge – It is estimated that nearly 1,000 inspection tours to commercial banks are conducted every year. However, the majority of the inspectors’ reports have never been made public.
Ha Van Tham, a former chairman of the privately run Ocean Bank, was taken into custody late last week on suspicion for fraud in lending. Prior to that, the State Bank of Vietnam released a decision to suspend Tham from his post as the bank’s chair.
This was one of the very few cases related to banking fraud that was made public by the central bank and investigative agencies. And in this case, there was not much information about Tham and the fraud he committed.
The State Bank only said that Tham must be personally responsible for the serious violations of the laws, but it did not clarify what kinds of violations he had made.
Therefore, no one can say for sure how Tham will be punished. Local newspapers just quote their sources as saying that the banker may be in custody for … [Read more...] about State Bank inspectors discover bank fraud, but violations not publicised